Indices trade near flat line, breadth negative

Key equity barometers were trading near the flat line in early trade. The Nifty traded below the 18,150 mark. IT, media and PSU bank stocks were in demand while FMCG, oil & gas and realty shares corrected.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 68.76 points or 0.11% to 61,500.50. The Nifty 50 index shed 2.65 points or 0.02% to 18,127.30.

In the broader market, the S&P BSE Mid-Cap index lost 0.33% while the S&P BSE Small-Cap index declined 0.03%.

The market breadth was negative. On the BSE, 1,464 shares rose and 1,175 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 970.18 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 849.96 crore in the Indian equity market on 18 May, provisional data showed.

Politics:

The swearing-in ceremony of the new Karnataka chief minister Siddaramaiah and deputy chief minister DK Shivakumar will be held on May 20. In the May 10 elections to the 224-member Karnataka Assembly, the Congress scored an emphatic victory by bagging 135 seats while the ruling BJP and Janata Dal (Secular) secured 66 and 19 seats, respectively.

Stocks in Spotlight:

InterGlobe Aviation (IndiGo) fell 1.06%. IndiGo reported a consolidated net profit of Rs 919.20 crore in Q4 FY23 as against a net loss of Rs 1,681.79 crore in Q4 FY22. Revenue from operations surged 76.55% to Rs 14,160.60 crore in the quarter ended 31 March 2023 from Rs 8,020.74 crore recorded in Q4 FY22.

United Spirits added 0.05%. The company reported a consolidated net profit of Rs 102.80 crore in Q4 FY23 as against a net profit of Rs 178.6 crore in Q4 FY22. Revenue from operations advanced to Rs 5809.6 crore in the quarter ended 31 March 2023 from Rs 7791.1 crore recorded in Q4 FY22.

Tata Elxsi declined 2.28%. The company reported 25.9% rise in consolidated net profit to Rs 201.5 crore on 22.9% rise in revenue to Rs 837.9 crore in the quarter ended 31 March 2023 over the quarter ended 31 March 2022.

Bata India rallied 3.26%. The company reported a consolidated net profit of Rs 65.6 crore in Q4 FY23 as against a net profit of Rs 62.9 crore in Q4 FY22. Total income advanced to Rs 788.5 crore in the quarter ended 31 March 2023 from Rs 683.9 crore recorded in Q4 FY22.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.11% to 6.991 as compared with previous close of 6.983.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7550, compared with its close of 82.6225 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.06% to Rs 59,757.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.52.

The United States 10-year bond yield fell 0.30% to 3.645.

In the commodities market, Brent crude for July 2023 settlement advanced 52 cents or 0.69% to $76.38 a barrel.

Global Markets:

Most of the Asian stocks were trading mixed on Friday, ahead of G7 summit in Japan. Japan`s Nikkei share average rose on Friday to the highest since August 1990, the country`s so-called "bubble" era.

Prime Minister Narendra Modi will be in Japan`s Hiroshima from May 19-21 for the Group of Seven (G7) summit. The leaders will discuss a wide range of issues including geopolitics, economics, and climate change challenges. The Russia-Ukraine war and escalating tensions between China and the United States could dominate the agenda.

US stocks closed higher for a second straight day on Thursday on mounting optimism that a US debt ceiling deal could be reached within days, with discount retailer Walmart Inc providing additional support after an upbeat annual sales forecast.

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